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At the end of 2025, Warren Buffett officially stepped down as CEO of Berkshire Hathaway (BRK.A), handing the reins of the business empire he had led for over 60 years to Greg Abel. The long-time head of Berkshire’s energy operations is now in the spotlight. The biggest question on investors’ minds: With nearly $400 billion in cash, what will Abel buy next?
The answer may lie in Berkshire’s latest quarterly portfolio changes.
A major first-quarter buildup in Google’s parent company
The 13F filing released last week shows that in the first quarter of this year, Abel’s biggest move was adding 36.4 million shares of Google parent Alphabet (GOOGL). As a result, Berkshire now owns more than 54 million shares of Alphabet, representing nearly 6% of its total stock portfolio. Based on Alphabet’s recent share price of $389, that single purchase cost approximately $14.15 billion.
Notably, Berkshire still owns less than 1% of Alphabet. With its cash pile still extremely ample, it is entirely possible that Abel will continue buying in the next quarter — perhaps even another 36.4 million shares, spending another $14.15 billion. This is not mere speculation; it follows Berkshire’s long-established logic of building positions in stages. For such massive amounts of capital, buying all at once would significantly push up the share price, so a gradual approach is more prudent.
A large sell-off of 16 stocks, with a different explanation
The same filing also revealed that Berkshire liquidated positions in 16 stocks, including Visa, Mastercard, UnitedHealth Group, Domino’s Pizza, and Amazon. The exits from Amazon and UnitedHealth surprised some investors. But this move needs to be understood in the context of personnel changes. Previously, Buffett delegated responsibility for investing many billions of dollars to two lieutenants — Todd Combs and Ted Weschler. Combs recently left Berkshire to join JPMorgan Chase. Therefore, much of the selling was likely a centralized disposal of stocks that Combs had selected, rather than a rejection of those companies’ prospects by Abel.
What else is Abel buying?
Beyond Alphabet, Abel also added to positions in The New York Times Company and homebuilder Lennar in the first quarter. Other existing Berkshire holdings — such as Apple, American Express, and Occidental Petroleum — could also see further additions.
An even clearer signal comes from Abel’s attitude toward his own company’s stock. Berkshire has authorized up to $325 million in share repurchases, and Abel himself is reportedly spending his entire after−tax salary of $15 million to buy Berkshire stock. This kind of behavior conveys far more confidence in the company’s future than any earnings report.
Lessons for investors
For retail investors, Abel’s portfolio moves offer at least two noteworthy clues. First, he is systematically building a position in Alphabet, signaling his long-term optimism about the tech giant’s advertising business and cloud computing. Second, through large-scale buybacks and personal stock purchases, he is clearly expressing his belief that Berkshire’s own value is underestimated. Of course, Abel is not Buffett. His investment style will take time to prove itself.
